[Federal Register Volume 64, Number 238 (Monday, December 13, 1999)]
[Notices]
[Page 69575]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-32211]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
[Extension: Rule 34b-1; SEC File No. 270-305; OMB Control No. 3235-
0346]
Upon Written Request, Copy Available From: Securities and
Exchange Commission, Office of Filings and Information Services, 450
Fifth Street, N.W, Washington, D.C. 20549.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 [44 U.S.C. 3501 et seq.], the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
Rule 34b-1 Under the Investment Company Act of 1940, Sales
Literature Deemed to be Misleading
Rule 34b-1 under the Investment Company Act of 1940 (``Investment
Company Act'') [17 CFR 270.34b-1] governs sales material that
accompanies or follows the delivery of a statutory prospectus (``sales
literature'') Rule 34b-1 deems to be materially misleading any
investment company sales literature, required to be filed with the
Commission by section 24(b) of the Investment Company Act,\1\ that
includes any information that purports to show the investment
performance of the fund unless it also includes performance data
calculated in a manner prescribed by rule 482 under the Securities Act
of 1933. Requiring the inclusion of such standardized performance data
in sales literature is designed to prevent misleading performance
claims by funds and to enable investors to make meaningful comparisons
among fund performance claims.
---------------------------------------------------------------------------
\1\ Sales literature addressed to or intended for distribution
to prospective investors shall be deemed filed with the Commission
for purposes of Section 24(b) of the Investment Company Act upon
filing with a national securities association registered under
Section 15A of the Securities Exchange Act of 1934 that has adopted
rules providing standards for the investment company advertising
practices of its members and has established and implemented
procedures to review that advertising. Rule 24b-3 under the
Investment Company Act [17 CFR 270.24b-3].
---------------------------------------------------------------------------
It is estimated that approximately 545 respondents file five
responses annually in compliance with rule 34b-1. The burden from rule
34b-1 requires approximately 2.4 hours per response resulting from
creating the information required under rule 34b-1. The total burden
hours for rule 34b-1 would be 6,540 hour per year in the aggregate. The
estimated annual burden of 6,540 hours represents an increase of 3,096
hours over the prior estimate of 3,444 hours. The increase in burden
hours is attributable to an increase in the number of respondents from
287 to 545.
The estimates of average burden hours are made solely or the
purposes of the PRA and are not derived from a comprehensive or even
representative survey or study of the costs of Commission rules and
forms.
Written comments are invited on: (a) Whether the proposed
collection information is necessary for the proper performance of the
functions of the agency, including whether the information will have
practical utility; (b) the accuracy of the agency's estimate of the
burden of the collection of information; (c) ways to enhance the
quality, utility, and clarity of the information collected; and (d)
ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
Please direct your written comments to Michael E. Bartell,
Associate Executive Director, Office of Information Technology,
Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549.
Dated: December 6, 1999.
Jonathan G. Katz,
Secretary.
[FR Doc. 99-32211 Filed 12-10-99; 8:45 am]
BILLING CODE 8010-01-M
